Washington Trust Provides $13.9 Million to Storrs Property Group/ Willington Property Group for Renovation of UConn Off-campus Housing
December 11, 2019
Storrs, CT - December 11, 2019 - Washington Trust’s Commercial Real Estate Group recently provided $13.9 million to Storrs Property Group/ Willington Property Group LLCs, for financing and the renovation of two student apartment complexes near the UConn Storrs Campus.
The 100-unit Cedar Ridge complex is conveniently located less than four miles from UConn at 43 and 60 Burt Latham Road in Willington, CT. The 40-unit Hunting Lodge complex is less than 1.5 miles from the campus, at 16 Hunting Heights Drive in Storrs, CT. Property Manager, Yitz Rabinowitz, anticipates that with the updates, Cedar Ridge and Hunting Lodge will be the premier housing choice for UConn students.
“My experience working with Washington Trust with this process has been positive and seamless,” said Rabinowitz. “There is certainly a benefit to working with a community bank, and if I needed an answer or to discuss a business matter, I knew I could call and not have to wait.”
“Washington Trust is appreciative to do business with Storrs and Willington Property Groups,” said Julia Anne M. Slom, Senior Vice President & Team Leader of Washington Trust Commercial Real Estate Group. “The apartments are well-located to the UConn campus and are sure to be a valuable amenity for students.”
Washington Trust's Commercial Real Estate Group provides commercial real estate mortgages for the construction, refinancing, or purchasing of investment real estate projects. Financing ranges in size from several hundred thousand dollars up to multi-million dollar projects. For more information, contact Kevin Hanrahan, Vice President, Commercial Real Estate Group at 401-348-1354, or kmhanrahan@washtrust.com.
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Founded in 1800, Washington Trust is the oldest community bank in the nation and one of the Northeast’s premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Washington Trust Company is a subsidiary of Washington Trust Bancorp, Inc., (NASDAQ: WASH). Additional information on Washington Trust and its subsidiaries can be found at https://www.washtrust.com/.